Common use of Resignation or Removal of Escrow Agent Clause in Contracts

Resignation or Removal of Escrow Agent. The Escrow Agent, or any successor to it hereafter appointed, may at any time resign and be discharged from the duties and obligations created by this Agreement by giving at least thirty (30) days prior written notice to the Partnership and the General Partner and accounting in full for all sums delivered to, and held by, it and all earnings thereon while Escrow Agent hereunder to the Partnership, the General Partner and any successor Escrow Agent. The Escrow Agent may be removed at any time upon sixty (60) days prior written notice by any instrument purportedly signed by an authorized representative of the Partnership and the General Partner. Any successor Escrow Agent shall deliver to the Escrow Agent, the Partnership and the General Partner a written instrument accepting such appointment hereunder and shall accept delivery of the Escrow Account to hold and distribute same in accordance with the terms of this Agreement. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Partnership and the General Partner receive notice of the Escrow Agent’s intention to resign or within sixty (60) days of the Escrow Agent’s receipt of notice of its removal, the Escrow Agent shall deliver all amounts deposited with it in the Escrow Account and all earnings thereon to a national bank with a net worth of not less than $100,000,000 designated by the Escrow Agent which has agreed in writing to accept such monies and to act as substitute Escrow Agent in compliance with the terms of this Agreement. Upon such delivery and acceptance, the Escrow Agent shall be discharged from any future obligations under this Agreement.

Resignation or Removal of Escrow Agent. (a) The Escrow Agent, or any successor to it hereafter appointed, Agent may resign at any time resign and be discharged from the duties and obligations created by this Agreement by giving at least thirty (30) days' written notice thereof to Buyer and the Sellers' Representative. Within thirty (30) days prior after receiving such notice, Buyer and the Sellers' Representative shall agree on and appoint a successor escrow agent (the "Successor Escrow Agent") at which time the Escrow Agent shall deliver the Escrow Fund to the Successor Escrow Agent, net of any fees and expenses or other obligations then owed to the Escrow Agent. After appointment of the Successor Escrow Agent and delivery of the Escrow Fund by the Escrow Agent, the Escrow Agent shall have no further duties or responsibilities in connection herewith. (b) Buyer and the Sellers' Representative may remove the Escrow Agent upon written notice to the Partnership Escrow Agent signed by the Buyer and the General Partner Sellers' Representative stating such removal and accounting in full for all sums delivered todesignating a Successor Escrow Agent, and held byand, it and all earnings thereon while upon delivery of the Escrow Agent hereunder Fund to the Partnership, the General Partner and any successor Successor Escrow Agent. The Escrow Agent may be removed at , net of any time upon sixty (60) days prior written notice by any instrument purportedly signed by an authorized representative of the Partnership and the General Partner. Any successor Escrow Agent shall deliver fees or expenses then owed to the Escrow Agent, the Partnership and the General Partner a written instrument accepting such appointment hereunder and shall accept delivery of the Escrow Account to hold and distribute same in accordance with the terms of this Agreement. If no successor Escrow Agent shall thereupon be discharged from all obligations under this Agreement and shall have been appointed within no further duties or responsibilities in connection herewith. (c) If after thirty (30) days after from the Partnership date of delivery of its written notice of intent to resign, or of Buyer's and the General Partner receive Sellers' Representative's notice of the Escrow Agent’s intention to resign or within sixty (60) days of the Escrow Agent’s receipt of notice of its removal, the Escrow Agent shall deliver all amounts deposited with it in the Escrow Account and all earnings thereon to has not received a national bank with written designation of a net worth of not less than $100,000,000 designated by the Escrow Agent which has agreed in writing to accept such monies and to act as substitute Escrow Agent in compliance with the terms of this Agreement. Upon such delivery and acceptance, the Escrow Agent shall be discharged from any future obligations under this Agreement.Successor

Resignation or Removal of Escrow Agent. The Escrow Agent, or any successor to it hereafter appointed, may at any time resign and be discharged from the duties and obligations created by this Agreement by giving at least thirty (30) days prior written notice to the Partnership Company and the General Partner Manager and accounting in full for all sums delivered to, and held by, it and all earnings thereon while Escrow Agent hereunder to the PartnershipCompany, the General Partner Manager and any successor Escrow Agent. The Escrow Agent may be removed at any time upon sixty (60) days prior written notice by any instrument purportedly signed by an authorized representative of the Partnership Company and the General PartnerManager. Any successor Escrow Agent shall deliver to the Escrow Agent, the Partnership Company and the General Partner Manager a written instrument accepting such appointment hereunder and shall accept delivery of the Escrow Account to hold and distribute same in accordance with the terms of this Agreement. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Partnership Company and the General Partner Manager receive notice of the Escrow Agent’s 's intention to resign or within sixty (60) days of the Escrow Agent’s 's receipt of notice of its removal, the Escrow Agent shall deliver all amounts deposited with it in the Escrow Account and all earnings thereon to a national bank with a net worth of not less than $100,000,000 designated by the Escrow Agent which has agreed in writing to accept such monies and to act as substitute Escrow Agent in compliance with the terms of this Agreement. Upon such delivery and acceptance, the Escrow Agent shall be discharged from any future obligations under this Agreement.